House Speaker Paul Ryan appointed Paulsen to lead the Joint Economic Committee. Paulsen succeeds Ohio Republican Rep. Pat Tiberi, who is leaving Congress this month.

Paulsen said his priorities as JEC chair will be more jobs, better salaries and a stronger economy.

“The JEC has a long history of bringing together the best ideas from both parties and both chambers to advise Congress on how to grow our economy and promote trade, innovation, entrepreneurship, and economic opportunity for all Americans, and I look forward to leading these discussions in my new role,” Paulsen said.

The Joint Economic Committee was established by the Employment Act of 1946 to study issues related to the U.S. economy. It has no legislative jurisdiction but is authorized to hold hearings. The panel includes 10 members from the House and 10 from the Senate.

Minnesota Democratic U.S. Sen. Amy Klobuchar is also a member of the joint committee and a former chair.